The present invention provides new classes of phenol compounds, including those derived from tyrosol and analogues, useful as monomers for preparation of biocompatible polymers, and biocompatible polymers prepared from these monomelic phenol compounds, including novel biodegradable and/or bioresorbable polymers. These biocompatible polymers or polymer compositions with enhanced bioresorbabiltv and processibiiity are useful in a variety of medical applications, such as in medical devices and conirolied-release therapeutic formulations. The invention also provides methods for preparing these mouomeric phenol compounds and biocompatible polymers.